The Federal Executive Council has ordered the full implementation of the Naira-for-Crude initiative aimed at supporting local refiners, the Ministry of Finance confirmed on Wednesday via its official X (formerly Twitter) handle.
The announcement came under the update titled “Crude and Refined Product Sales in Naira Initiative.”
The move signals a shift from what was initially viewed as a temporary intervention to a long-term policy to reduce Nigeria’s reliance on foreign exchange for petroleum transactions.
The first phase of the initiative, a six-month agreement involving the Federal Government, Nigerian National Petroleum Company Limited (NNPCL), and the Dangote Petroleum Refinery, ended on March 31, 2025.
Following its expiration, Dangote Refinery ceased selling refined products in naira, pending the policy’s renewal.
However, after a high-level review meeting on Tuesday, the government reaffirmed its commitment to the scheme, describing it as “a key policy directive” aimed at ensuring energy security and promoting sustainable local refining.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention,” the Finance Ministry stated.
“It is designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
The policy, now elevated to a strategic national initiative, underscores the government’s broader push for economic stability through currency conservation and domestic production.
